Who owns the most of U.S. Debt?

The Chinese? After all, that’s what all the politicians, especially the Conservatives, are telling us. The fear that we will be taken over by the Chinese… or that the Chinese will no longer buy our bonds… or that the Dollar will no longer be the trading currency of the Chinese… such a fear is being used to keep Americans in line and ready to vote for a batch of idiots.

But it’s not true. We owe the Chinese 9.8% of our debt, according to the Christian Science Monitor. Japan has 9.6 %, England 5.1%… and other countries have much smaller chunks. In reality, foreigners own  a mere 24.7 percent of our debt.

We owe OURSELVES, however, 53% of our debt… by far the largest number. How is this broken down? As follows:

US individuals hold 12 percent of the country’s debt. Next under the domestic category comes the Federal Reserve, which holds 9 percent of US debt, then pension and retirement funds, mutual funds, and state and local governments.

So when the Congress starts filling us with the China fear, maybe we should send them OUR bill… cash in our bonds and mutual funds… get our city government to send in their invoices.

About btchakir

Retired Theatre Producer, Graphic Designer, Usability Tester and General Troubleshooter with a keen interest in Politics and The Stage. Currently heard on WSHC, 89.7 FM (on line at www.897wshc.org) and occasionally dabbling in Community Theatre.

Posted on February 5, 2011, in blogs, budget, Business, Congress, Economics, editorial, Education, government, Legal, News, Opinion, Politics, Press, quote, Taxes, Word from Bill and tagged , , , , , , , . Bookmark the permalink. 4 Comments.

  1. Is it a chance that the figure for foreign-owned debt should be 24.7% instead of 4.7%. If the Chinese, alone, own 9.8% then the total for all foreigners can’t be only 4.7%.

    The figures for China, Japan and England seem to total to 24.7.

    I like your point, Bill. Lot of mythology, distortion and (yes, I will say it) lies in the political arena these days.

  2. In other words, getting the richest 2% to pay a reasonable amount of taxes would pretty much solve the debt problem. Wouldn’t it?

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